8 ways to measure, monitor & enhance your marketing!

There are so many readily available systems and processes for you to use when measuring, monitoring and enhancing your marketing impact. Some examples include:

• Adding a web analytics tool e.g. Google Analytics to your website to track and monitor your website performance. Are you reaching the right audience and are they engaging with your site?

• Monitoring the performance of your keywords for your website to ensure your Search Engine performance is optimised. Do you appear high enough in google so that your customers will find you?

• Using an email based system e.g. Mailchimp that allows you to monitor your email open rates, click through rates, unsubscribes etc. Do your subscribers respond to your emails or one type of email campaign compared to another?

• Monitoring your social media demographics and engagement levels. Do your followers match your target audience? Which channel is more effective for brand building vs sales generation? What posts are more effective than other posts e.g. image driven vs video based?

• Conducting Net Promotor Score (NPS) research to understand your customers loyalty to your business. Are they willing to recommend your business to their family and friends?

• Adding UTM tracking codes to your digital advertising, social media activity or email campaigns. How do the different channels drive traffic to your website? Which channel is more effective? How does one advertising media e.g. Google paid ads compared to ads you run for example on Facebook?

• Using a CRM system to record and monitor customer engagement and sales. What approaches generate the most leads and which of these turn into paying customers?

• You can use the same CRM data to explore which customers are the most important to your business? What characteristics do this customers share and how can you find more businesses or individuals who share the same characteristics to help drive forward your business?

Measure4success blog

Measure4success is the blog for e-nexus Ltd.  We are a Bournemouth based Marketing consultancy specialising in Strategic Marketing Planning and Performance Measurement.  Learn more about what we do and how we can support your business by emailing info@e-nexus.co.uk or by visiting our website at www.e-nexus.co.uk

How are you measuring your marketing impact?

How much is marketing contributing to the success of your business? Do you know?

Given the availability of data and insight within all organisations, there has never been a better time to measure and regularly monitor the performance and impact of your marketing. Now is the time to identify what works, what could work better and what you should stop to ensure you get the most out of the marketing for your business.

So where to start?

In many cases simply planning ahead and identifying what you want to measure is a great starting point. Then thinking about how you could go about measuring and monitoring the the impact of the activity. Finally, consider what measurement actions and systems you need to put in place to gather the insight and data you need.

Need a place to start?

There are so many readily available systems and processes for you to use when measuring, monitoring and enhancing your marketing impact. Some examples include:

• Adding a web analytics tool e.g. Google Analytics to your website to track and monitor your website performance. Are you reaching the right audience and are they engaging with your site?

• Monitoring the performance of your keywords for your website to ensure your Search Engine performance is optimised. Do you appear high enough in google so that your customers will find you?

• Using an email based system e.g. Mailchimp that allows you to monitor your email open rates, click through rates, unsubscribes etc. Do your subscribers respond to your emails or one type of email campaign compared to another?

• Monitoring your social media demographics and engagement levels. Do your followers match your target audience? Which channel is more effective for brand building vs sales generation? What posts are more effective than other posts e.g. image driven vs video based?

• Conducting Net Promotor Score (NPS) research to understand your customers loyalty to your business. Are they willing to recommend your business to their family and friends?

• Adding UTM tracking codes to your digital advertising, social media activity or email campaigns. How do the different channels drive traffic to your website? Which channel is more effective? How does one advertising media e.g. Google paid ads compared to ads you run for example on Facebook?

• Using a CRM system to record and monitor customer engagement and sales. What approaches generate the most leads and which of these turn into paying customers?

• You can use the same CRM data to explore which customers are the most important to your business? What characteristics do this customers share and how can you find more businesses or individuals who share the same characteristics to help drive forward your business?

At e-nexus we specialise in Strategic Marketing Planning & Performance Measurement. Need some help to work out how best to monitor and measure your marketing then email info@e-nexus.co.uk or visit our website at www.e-nexus.co.uk

About the author

Richard Milton is founder of e-nexus Ltd – a Marketing Consultancy based in Bournemouth specialising in Strategic Marketing Planning and Performance Measurement. He is a career long marketer holding numerous senior marketing positions throughout his 20+ years in the profession.

Describing himself as a marketing strategist, Richard spends his time working with business owners, managers and marketers to help them improve their marketing decisions, investments and impact by connecting data, insight and creativity alongside his strategic experience.

How important are existing customers to your business

How important are existing customers to your business? Do you know?

How important are existing customers to your business? Do you know?

Who doesn’t want a good base of individuals or businesses who are loyal, regular, repeat customers. We all do surely, it makes sound business sense.

But do you know how important existing customers are to you business? Are you confident that you are placing enough emphasis on retaining existing customers compared to attracting new customers? Perhaps now is the time to find out by calculating your Returning vs New Customer Metrics.

These metrics will help you understand the real value of these two groups to your business and enable you, as with any good metric, to make decisions on how much time and money you should put into your marketing for the different groups.

• Start by calculating your Total Number of Customers either at a specific point of time e.g. 1st January or over a point of time e.g. in 2018. Now split these into new customers and repeat customers to see your new customer to repeat customer ratio.

• Next work out the Value of an Average New Customer to your business vs that of a Returning Customer over the lifetime of your relationship. We generally recommend it’s worth also considering the costs you incur with attracting new customers e.g. advertising and retaining existing customers e.g. loyalty incentives. You can now see the costs of generating business and how the business generated between the two groups varies over time. Does that value change over the period a customer stays with you?

• Finally look at calculating the Average Time a Customer Remains Loyal to your business. This is a good indicator of your customers views towards your organisation, how good you are at maintaining existing customer relationships and their likely purchase intentions.

What next?

With this understanding conduct a review of what you do to attract new customers and keep existing customers. Think about the time, money and effort you put into these two groups. Have you got the balance right? Should you for example amend your advertising spend or customer relationship management approaches? Should you consider incentives to either attract new customers or keep existing customers? Perhaps if you discover customers aren’t particularly loyal you should consider loyalty schemes or enhancing the quality of your customer service.

Whatever you do with this knowledge you’ll be in a much stronger position as a business to maximise the benefits from both groups and drive your business forward.

About the author

Richard Milton is founder of e-nexus Ltd – a Marketing Consultancy based in Bournemouth specialising in Strategic Marketing Planning and Performance Measurement. He is a career long marketer, holding numerous senior marketing positions throughout his 20 years in the profession. Describing himself as a marketing strategist, performance and measurement specialist, Richard spends time working with business owners, managers and marketers to help them improve their marketing decisions, investments and impact by harnessing the power of data and insights alongside his strategic experience.

Richard’s biggest passion is to help marketers show the value of their efforts and give them the confidence and skills to be able to share the story with their senior managers. Richard helps organisations understand the importance of measurement and metrics as well as appreciate the breadth of data available to them in todays marketing world.

You can read more from Richard at his measure4success blog at www.measure4success.wordpress.com.  To find out more about e-nexus visit www.e-nexus.co.uk

 

6 questions to ask your marketing team

As a business owner, what are the key questions you should be asking those responsible for your marketing? What should you ask to get a better understanding on how marketing is contributing to the success of your business?

1 – How are we measuring the performance of our activities?
Show me the results. How many leads or sales were generated from each marketing campaign and how were they were tracked. If the question can’t be answered because the tracking is non existent or isn’t accurate, you can’t be confident that your campaign was a success.

2 – Who are we targeting in our marketing?
Sales and marketing go hand in hand as marketing leads to sales. If your marketing audience e.g. visitors to your website or your followers on social media are different from your target customers then your efforts may be wasted and you will be missing opportunities to reach out to future clients.

3 – How are we retaining existing customers?
Many marketing strategies focus on gaining new customers at the expense of keeping existing ones. Both are important, but keeping current customers engaged with the business is just as essential as building new clients in order to generate sales for the business.

4 – Who are our top customers?
How are you identifying the customers that drive the most profit for the business. How do you rank them and how impactful are they for the business? You want to find out which individuals or groups drive an outsized portion of your business results. When you can look at a single list and see your main customers you have the power to identify the unique characteristics of this group and work hard to attract more.

5 – What should we stop doing?
It’s far to easy to get into a marketing routine and do things just because you’ve done them in the past. By reviewing data and challenging your marketing efforts it is possible to identify those things you should stop doing and those efforts you should do more of to provide a greater return to your business.

6 – What metrics are we monitoring to measure success?
There are so many different metrics that you can measure. The rule when deciding what to measure is:
• Does this metric help me make a decision?
• When I view this metric does it help me understand how to get closer to my business goals?
• If you answer ‘No’ to both questions you are looking at a vanity metric and need to ignore it and repeat steps to identify better metrics to monitor.

About the author

Richard Milton is founder of e-nexus Ltd – a Marketing Consultancy based in Bournemouth specialising in Strategic Marketing Planning and Performance Measurement. He is a career long marketer, holding numerous senior marketing positions throughout his 20 years in the profession. Describing himself as a marketing strategist, performance and measurement specialist, Richard spends time working with business owners, managers and marketers to help them improve their marketing decisions, investments and impact by harnessing the power of data and insights alongside his strategic experience.

Richard’s biggest passion is to help marketers show the value of their efforts and give them the confidence and skills to be able to share the story with their senior managers. Richard helps organisations understand the importance of measurement and metrics as well as appreciate the breadth of data available to them in todays marketing world.

You can read more from Richard at his measure4success blog at http://www.measure4success.wordpress.com.  To find out more about e-nexus visit http://www.e-nexus.co.uk